Iraqi operators miss IPO deadline

Telcos risk fine from regulator after missing deadline to list shares on ISX.
Iraq's three GSM operators were supposed to become listed companies by August 31, 2011.
Iraq's three GSM operators were supposed to become listed companies by August 31, 2011.

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Iraq's three GSM operators, Asiacell, Zain and Korek, could face penalties from the regulator after missing an August 31 deadline for listing their shares on the local stock exchange, according to a report from Reuters.

The operators are required to stage IPOs on the Iraq Stock Exchange (ISX) under the 15-year, $1.25 billion licences they acquired in 2007.

The three telcos have all stated that they are working towards IPOs on ISX, despite already having missed the official deadline.

The CMC said previously it would consider fining the mobile phone operators if they failed to list by the set date, according to Reuters.

Tareq al-Aboudi, a legal advisor at Iraq’s regulator, the CMC, told Reuters that Asiacell was the only operator to have started the process to list its shares on ISX.

Emad Makiya, CEO, Zain Iraq, also told Reuters that his company had started working towards a listing.
 

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